Potential Scenario Question
Hello!
I have a question when it comes to finance and primary residence. Can I keep my current mortgage obligation (FHA, 30 yr) for my primary residence IF I decide to move to a new house and rent my primary out? Keep in mind, I would do a conventional loan 20% for the new primary.
For additional context, even though I'm paying PMI (~$150/mo), I have a great interest rate of 3.1% and would hate to lose the interest rate. Given the above scenario, am I looking at this wrong? For personal reasons, my current primary is a bit small and looking for a bigger house.
TIA!
Mike
I have a question when it comes to finance and primary residence. Can I keep my current mortgage obligation (FHA, 30 yr) for my primary residence IF I decide to move to a new house and rent my primary out? Keep in mind, I would do a conventional loan 20% for the new primary.
For additional context, even though I'm paying PMI (~$150/mo), I have a great interest rate of 3.1% and would hate to lose the interest rate. Given the above scenario, am I looking at this wrong? For personal reasons, my current primary is a bit small and looking for a bigger house.
TIA!
Mike
Most Popular Reply
@Michael L.
I do not believe You would qualify for a 3.5% loan.
Also I would never recommend anyone be that leveraged on multiple properties, especially in a down market. Risk is absurdly high if you do not have significant reserves
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